It seems as if we have drawn the market move yesterday before it is interpreted on the graph-click on the previous report to compare- as the pair has moved sharply upwards. This previous expected incline reflects the nature of the IM-impulsive wave- as we do believe that the bigger third wave of the above seen Elliott sequence has started; noting that a potential correction might be seen first before resuming the upside rally. Of note, a break above 0.9175 will postpone the internal corrections and will pave the path towards 0.9240 followed by 0.9335 later.
The trading range for today is among key support at 0.0.8925 and key resistance at 0.9310.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 0.9080 targeting 0.9260 and stop loss below 0.8950 might be appropriate.|